Bank of Maldives Reports Positive Financial Performance For The First Quarter Of 2021

On Thursday, Bank of Maldives Plc (BML) publicized its financial statements for the first quarter of 2021 – reporting positive financial performance with a Profit After Tax of MVR 357 million which is 23% increase when compared to the same period last year. The Bank attributed the improved performance in this quarter to good recovery in all its core business lines from the significant impacts of the COVID-19 pandemic last year.

The Operating Profit for the quarter totaled up to MVR 537 million – an increase of 25% in comparison to the same period last year which as per the Bank was driven by solid business volumes across all key sectors. Capital and liquidity remain solid and well above regulatory requirements as well.

In this quarter, the Bank’s network expansion and community investment program continued during the quarter with new Self-Service Banking Centres opened in K. Guraidhoo and M. Muli. During the quarter, five Community Fund projects were awarded as part of its wider initiatives to support the community. The Bank also launched a new ‘Samaaluvey’ campaign to increase awareness and prevent financial fraud.

Commenting on this win, the Bank’s CEO & Managing Director Mr. Tom Sawyer noted: “We are seeing encouraging signs of recovery post-covid with good performance from key business lines including card income. While we continue to be cautious in our outlook for the year, we look forward to supporting our customers and communities with investments in network expansion as well as new products and services”

As the largest Bank operating in the Maldives, BML boasts of a nationwide network of 35 branches across all 20 atolls, 71 Self Service Banking Centers, 132 ATMs, over 200 agents and a full suite of Digital Banking services.
(Photo: BML)